What to Look for in a Home Warranty Plan

Many confuse a home warranty with home insurance, but they are very different.

Home insurance protects your home against liabilities such as hail, fire, accidents, theft, and more. On the other hand, a home warranty covers specific aspects within your home such as repairs or replacements of appliances, and electrical and plumbing issues. The appliances in your home require warranties in case they malfunction.

Why is it Important for Homeowners to Have a Home Warranty?

Even if you like to fix appliances yourself, you should not take that risk, especially if you use DIY methods from a video you saw on YouTube. If you are not confident in your ability to repair broken appliances in your home, you should consider getting a home warranty. By taking out a home warranty, you can make a claim on that certain appliance.

In doing so, you will not need to pay additional fees to repair or replace the appliance, as the warranty will cover the costs. If you are leaning towards getting a home warranty plan, here are a few things you need to look for when you search for it:

1.   The Amount of Wear and Tear Your Appliances Already Have

Your appliances may already have considerable wear and tear. If you do not have a home warranty plan in place, you may find yourself paying a lot of money to repair or replace them down the line. For this reason, consider obtaining a home warranty plan to ensure your appliances keep working. If you follow the manufacturer’s instructions, you do not have to worry about paying for repairs or buying a new one.

2.   Plans to Upgrade or Replace Your Appliances

If you have plans to upgrade or replace your appliances even if they work properly, you still need to obtain a home warranty plan. Even though you receive a manufacturer’s warranty when you buy a new appliance, the warranty is only for a short duration and will end. By buying a home warranty plan, all your appliances will receive coverage even after their original warranty ends.

3.   Pre-existing Conditions or Unaddressed Issues

You need to find out if the company you want to get a home warranty plan from covers appliances with pre-existing conditions or issues, as some do not.

4.   Home Warranties Do Not Cover All Components of an Appliance

The advancement of technology has given birth to complex appliances with evolving components that change with time. However, these appliances still have core components that they rely on to work properly. For this reason, having a home warranty that covers these parts is essential. Ensure the home warranty you want to purchase covers these essential components.

5.   Does the Home Warranty Complement or Supplement Your Existing Homeowners Insurance Coverage?

Home insurance coverage protects you from what might occur whereas a home warranty plan protects you for what will occur. Suppose your air conditioner malfunctions. If you have a home warranty plan, it will pay for the repair and/or replacement costs. If you are in the market for a home warranty plan, consider these points before you buy one.

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